M
Melissa R.
I'm 41 and my 10 year thanks money grows on trees…he said mom it's ok there's no money in the bank just write a check
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I'm 41 and my 10 year thanks money grows on trees…he said mom it's ok there's no money in the bank just write a check
It is a good idea to teach money habits young. My Mom took me to get my first checking account when I was 15 and I had my first real job.
When my kids were young–like ages 6 and 7–I created a prize bin and had them do chores, homework, exercise, etc. to earn points to buy prizes. I'd pick up lots of little toys, books, etc., at yard sales and put them in a bin w/different color stickers on each item. Each color sticker signified a different point value. Then I made a list of chores and activities they could do to earn points. I even added things like running around the house 10 times or riding their bike for 10 minutes, which was great because they burned off a lot of steam. They could use the points to buy prizes from the bin. We had a notebook that we called "the bank," where they kept track of their points. They loved it, and it taught them about having to work for what they wanted (and how to add and subtract!). I was able to teach them about credit by allowing them to buy a prize, even though they hadn't earned enough points yet. However, then I'd add a few points to the price as interest, so they had to do a little extra to pay off the bank. The whole thing worked great, and I even got them to do things they wouldn't normally try–like learning to swim–because they wanted a prize so badly they were willing to do anything! We actually kept the system going through their tweens, but converted to actual money at some point. Both kids are in their 20s now and are hard workers and good savers.
I started teaching my sons around 7 or 8 years about money once they started receiving an allowance for chores and good grades.
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Early than later.